The Government of the Republic of Trinidad and Tobago has announced that it canceled an agreement with Venezuela involving the joint development of a natural gas field, because of U.S. sanctions on Venezuela’s state energy company PDVSA. The field straddles the two countries joint maritime border and was to be a mutually beneficial arrangement for both countries.
With Trinidad’s declining gas output, the joint development was to be a needed source of gas for its LNG plants.
The Honourable Dr. Keith Rowley, Prime Minister of Trinidad and Tobago, announced that the 10.04 trillion cubic feet Loran-Manatee shallow-water field will now be developed independently by the two countries. He made the announcement on Monday during an energy conference in Port of Spain. Under the signed agreement, Trinidad can develop 26.25% of the field.
Dr. Rowley said that gas production is targeted for 2024 or 2025 at a rate between 270 to 400 million standard cubic feet per day.
Original Source: Reuters